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The Option Value of Vacant Land

其他書名	Don't Build when Demand for Housing is Booming
出版	Centre for Economic Policy Research, 2021
URL	http://books.google.com.hk/books?id=ElJyzgEACAAJ&hl=&source=gbs_api

註釋Urban structures and urban growth rates are highly persistent. This has far-reaching implications for the optimal size and timing of new construction. We prove that rational developers postpone construction not because prospects are gloomy, but because they are bright. The slow mean reversion in urban growth rates for the Netherlands and the United States (estimated at ~0.07 per annum) implies that a substantial share of cities should optimally postpone construction due to high growth. Observed heterogeneity in floorspace density across cities can be explained not by differences in population levels, but in growth rates.